Western Digital Corp. today reported revenue of $3.7 billion and net income of $375 million, or $1.55 per share for its third fiscal quarter ended Mar. 28, 2014. On a non-GAAP basis, net income was $470 million or $1.94 per share.1 In the year-ago quarter, the company reported revenue of $3.8 billion, net income of $391 million, or $1.60 per share. Non-GAAP net income in the year-ago quarter was $514 million, or $2.10 per share.2

The company generated $697 million in cash from operations during the March quarter. During the quarter, the company utilized $244 million to buy back 2.8 million shares of common stock. It ended the quarter with total cash, cash equivalents and investments of $5.0 billion. On Feb. 6, the company declared a $0.30 per common-share dividend, which was paid on Apr. 15.

"We achieved solid financial results for the March quarter as we continue to participate in the ongoing growth of data, with an intense focus on helping our customers succeed in a rapidly changing environment," said Steve Milligan, president and chief executive officer. "Cash generation remained strong. Our steady financial performance continues to demonstrate an ability to manage the business and deliver ongoing value to our customers and shareholders."